HGTY - Hagerty beats Q2 top and bottom line estimates; raises FY23 outlook
2023-08-08 07:47:36 ET
- Hagerty press release ( NYSE: HGTY ): Q2 Non-GAAP EPS of $0.05 beats by $0.01 .
- Revenue of $261.2M (+26.8% Y/Y) beats by $1.64M .
- Second quarter 2023 Adjusted EBITDA of $34.4 million, an increase of $18.3 million compared to the prior year period.
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For full year 2023, we anticipate:
- Total Revenue growth of 23-27% to be $968,000K - $1,000,000K powered by Written Premium growth of 13-15% .
- Sustain double-digit Written Premium growth trajectory.
- Deliver an unmatched online and live Marketplace experience.
- Drive loyalty, referrals and incremental revenue and profit from Membership.
- Continued evolution into an integrated insurance business.
- Increase Hagerty Re's quota share reinsurance agreement in the U.S. & U.K. to ~80%.
- Significantly improved profitability through cost containment measures and operational efficiencies.
- Net Income (Loss) of $(12)-8 million.
- Adjusted EBITDA of $60-80 million.
- Total Revenue growth of 23-27% to be $968,000K - $1,000,000K powered by Written Premium growth of 13-15% .
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Hagerty beats Q2 top and bottom line estimates; raises FY23 outlook